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Introduction
“The more things change, the more things will stay the same,” which will apply to Project Management as per As per David S Tappan Jr.
Project management now a days got lot of reputation and has gained a remarkable recognition in the last decades. Along with organizing the key vital in project management are innovation, perseverance, leadership, clarity of thought along with good communication skills. Twenty, thirty or even thousand years from now managers will call into play one of those basic skills, but the tools they will use vital for efficiency and productivity of the project they are managing.
This is clearly reflected by the high number and size of projects that are being carried out in organizations in various industries and areas of business. In fact, nowadays it is difficult to find an organization that does not develop projects or that does not turn to PM as a way to structure and manage its investments.
Ever since Project Management began to take shape as a body of knowledge in the mid-twentieth century, many processes, techniques and tools have been developed. They cover various aspects of the entire lifecycle of projects and have made possible for PM to increase its efficiency and effectiveness, thus contributing to an increased project success rate.
Nevertheless, there are still many challenges facing Project Management and it is not uncommon that projects present problems. Few scholars argue that, despite the advancement in Project Management processes and tools, in recent years project success has not significantly improved. In fact, projects still fail to live up to the expectations of stakeholders as they continue to be disappointed by projects results.
History of Project Management
Formerly the career of project management was well-defined there were ventures, nevertheless, they didn’t cut many of the fundamentals that clutch up project management currently. The emperors built the pyramids of Egypt about 2500 BC, and to this day we aren’t convinced how they proficient such as a huge task. But annals do show that there were executives, even back then, who was accountable for individually of the four aspects of the Great Pyramid.
In 208 BC the Excessive Wall of China was made, but there are histories that specify the forecasting went back even supplementary. Significant facts tell that the staff for this huge project was ordered into sets. There were three that we identify of: soldiers, mutual people, and criminals. Millions were well-organized to comprehensive the project.
Several of these projects are equivalent vital for local, regional and national advance. This can still central to struggle amongst long-term national progress goals and comforts of societies or folks who are exaggerated by these projects. Except properly accomplished, an involuntary allocation may result in long-term poverty and shortage for affected persons besides communities, as well as ecological damage and social anxiety in areas to which they have been banished. Aimed at these explanations, spontaneous resettlement should be sidestepped or at least diminished. But, where it is manifest, appropriate procedures to mitigate contrary impacts on emigrant persons and host peoples should be carefully deliberate and employed to mitigate hostile social and economic powers from land achievement or borders on precious people use of land by
It is the intention of this training to investigate the roots and properties of previous relocation projects and to reach harmony between the members of a board of experts in order to progress a model or agenda that can be used for supervision the Singleton and any additional, forthcoming resettlement projects. The Delphi technique was used to obtain thoughts from the experts that encompassed people from inside the Anglo Group, advisers and professors with appropriate skill and facts of resettlement projects. The board was required to recognize previously unknown risks and to get compromise regarding the application of apt project management moralities.
The marvel of responsibility administration underway in the mid-nineteenth century. On that idea the understood was fashioned and performed in a few businesses. In the 1980s, it was accomplished for the most part in the deceitful and invention divisions where they provoked a few significant programming calamities because of poor venture administration which results in venture interruption, scratch-offs which prompts injury of million dollars. Very few folks in the past recognize about the expediency .and advantages of task direction, whereas others had not known about the term itself. Anyhow, this organization has transformed continuously for a larger present.
Evolution of Project Management
Project Management plays a very critical role in the delivery of the projects in time and within the budget. It acts as an important interface with departments like production, SCM,technology transfer and quality control. The US and European clients actually demand the delivery of their outsourcing work in a project mode so that they have better monitoring and control over the progress of the projects.
A standard project contains of four major process to follow each with its own process flow that is initiation, planning, execution and development of the project. The project manager and his project managing team have one single goal which into carry out the work of the project for the purpose of meeting the project’s standards. Every project has an Initiation which leads to planning and the executing the project whether it is successful or unsuccessful. Every project have contributions from different departments and create a dynamic and challenging environment to satisfy the customer by delivering right product in right time.
Over the years project management is known to very few people, even they are not sure what is the life cycle of management, how it works and how can it be useful for an organization. Very few people in those days were aware of the functionality and benefits of project management, while others had not heard of the term itself but this approach has changed gradually for a better present.
There is also a word called risk management which performs a key role in the management process performed in the initial project planning. Risk management is the process of identifying analyzing, responding and controlling the project risks. It is proactive project management processes as you are trying to deal with the potential future events before they occur. There are few steps which we need to follow in the risk management.
• Create a risk management plan
• Identifying all potential risks
• Analyzing the risks using the quality techniques
• Utilize quantitative analysis for all the high level risks
• Create a response plan for all the high level risks
• Move the activities which are associated with the risk response plans to project schedule
• Monitor the risk response plan
• Periodically reevaluate risks
Risk management is not a onetime process it have to be performed periodically to remaining work to make sure there are no new risks and to identify if there are any. Since risks are generally received badly, it makes sense that the first instinct of project manager have to eliminate them. None of these options include ignoring the risk. Leaving an option for the risk fall under conscious decision. At the time of searching for risk in the project, the primary are to be considered is risks which are inherited, which are based on the general characteristics of a project rather than the specific circumstances of the project. Since they are general in nature, they can be identified and placed in a checklist for all project managers to review the tight deadlines, project size, new vendors and new technologists. This shall be beginning for the RIP (Risk Identification Process). Risks are actually the future conditions or circumstances outside the control of the project team that will have strong impact on the project in which they occur.
at hand are two phase by means of jeopardy estimation which include classification, examination and prioritization, and threat manage, which include threat managing scheduling, danger decision and menace monitor development, track and remedial achievement . In risk management process we actually identify the risk factors of the project then assess the risk probabilities and effects then develop strategies to mitigate identified risks into monitoring the risk factors and invoke a contingency plan to manage the crisis and to recover from the crisis. It is essential to manage project risks. We all know about the space shuttle Columbia disaster which is disintegrated into several pieces on its reentry to earth’s atmosphere in February 2003 which is a good example, it might have been prevented or its impact reduced if an appropriate level of risk management was exercised.
In august 2003 an investigation report revealed that it would be possible by the Columbia crew to repair the damage of the wing or the Columbia could have stayed in orbit 15 days more and the Atlantis shuttle which is already planned could have been moved up as early as before that leaving a window for repairing the wing or getting the crew off Columbia. Project management come into existence after many failures in waterfall model where it is incredibly costly or impractical for organizations to go back and do the modifications for the software or product once production is complete.
Due to this failures people may thought prevention is better than cure where project management structure is developed with the process of initiation, planning , Executing and developing the product. This whole process have to be led by someone to make sure the process goes fine as there shouldn’t be any loss later so comes the project managers for leading the project. In initiation process the project manager and all the stakeholders sit and discuss about the project which they going to initiate the project by discussing about the requirements and budget issues. There are sub phases in initiation process which contains the project review and project definition which clearly states the overall requirements and necessities of the project which is going to be initiated then comes the planning process where they plan how to efficiently develop a project with the given requirements and budget and they will plan how to execute the project.
A clear detailed planning should be needed for any project which is about to develop, then Executing and developing takes place. There will be continuous monitoring and control of the software or product when it is in the executing and developing state. Once the project is developed there will be a final project review for the total outcome of the project and they decide whether the product is successful or unsuccessful then they will release the product into public once it meet all the requirements which are mentioned by the stakeholders in the initiation stage. Project management sealed with waterfall model for several years and there are still some problems which they faced as there would be new requirements from stakeholders while in the middle of the developing process as a result the project management came into existence for agile model.
An Agile software development methodology such as scrum is one which achieves linear, sequential approach in favor of incremental method. Not like waterfall methodology with extensive planning and designing before it allows you to change requirements over the time by using cross functional teams who works on successfully implementing it to the developing product on fixed time periods. Work is prioritized in the back end into exact priority order based on business value and requirements. There are many agile tools which are used for management, collaboration, development and support including the agile technologies which are flexible for constant changes .They mainly focus on interaction and communication between the team members more than the tools and technologies There are lot of open source tools and web based applications to use for agile methodologies such as HP ALM, Jira, Rally etc. which can be used for both communication and development between the team.
Impact of Project Management on Global Market
The project management profession in recent years, with the resulting positive impact on world’s economies, industries and societies, has been phenomenal with significant increase through worldwide. Though current economy got slow down, global demand was outstripping supply for qualified professional as this is time this profession must deliver. In addition, international global cooperation in the areas of project management standards and research development had been continuing at a faster pace. The real challenge was the recognition of good project management practices in organizations that conduct global projects in order to find out and promote solutions to the standard project management methods, making profits for investors and deliver product in time. However, the associated economic, political, industrial, and technological events and trends must be well understood as countries have been more globally connected than ever before.
Globalization is a debatable topic which can affect many groups from different organizations worldwide. Based on scholarly debates few studies were conducted and examined the perceptions of globalization in the Greek context, and how these perceptions are grounded in political positioning and ideological understandings of the nation-state, economy, and culture. The perceptions of globalization were organized around among various dimensions of global modernization, global cooperation, and global power inequalities in student and non-student samples.
Further studies stated that the pro-globalization views of modernization and cooperation were both associated with right-wing positioning and fair market ideology, but the two views were associated with different preferred economic roles and policies of the state. The factor of power inequalities which is leaning left was negatively associated with fair market ideology and
Positively on redistributive and pro-left-wing state policies. Implications of these differences and similarities among globalization views are discussed for socio psychological theories of lay ideology, political discourse and collective action Project management leaders must be adaptable, flexible, and able to successfully commit and implement their organization’s resources in a global risky economic environment by having an organization model that is flexible, adaptable, committable and easy to implement globally to meet the challenges of the current economic crisis, repercussions for project financing as banks and investors are focusing on current financial risks.
Globalization is not just a historical process, but the result of human innovation, technological progress and the application of scientific knowledge to combat socio-economic hardships and the outbreak of emerging diseases in the society. Therefore, globalization connotes broader cultural, economic political and human innovative response to ecological challenges in the society. In nations where state-of- the science technologies had been developed with stable academic institutions, the forces of globalization were deeply integrated. Financial markets were enhanced by century.
The global per capital GDP increased almost five-fold whereas the less developed nations continue to seek for financial assistance, which they received, without plying such resources to develop academic institutions, fund meaningful research. Today, the global challenge is the glaring contrast and technological disparities. Given the large number of practices in project management, it is obviously impractical to test each accepted belief at once. Rather, we advocate wise prioritization of key processes that are believed to represent major turning points for the success or failure of projects or that represent areas where current knowledge is viewed as ambiguous or subject to varied interpretations.
This is consistent with the growing observation that without a strong theoretical base, project management education is over reliant on techniques that “have a ‘motherhood’ flavor rather than much predictive value.” This gives a base to test considering the interaction among processes and how the residual state following one process may affect or create the environment for another that follows. Process theory can also begin to address some multi-level issues, including the relationship between the success of process components (or sub-processes) and the accumulation of their effects within the scope of larger processes in which they are included. Globalization is neither simply world-wide markets and technology nor simply a set of neutral tools. They are the expressions of our will to master our planet.
To understand these related phenomena, we must accept that something essential is at stake in them, something that changes the way we understand community and that touches us directly as human beings. By continuing to forge new global relationships and expand the global dialogue on project management, considered to be indispensable for business results particularly during difficult economic time, PMI will emerge as the universally recognized voice for the globalization of the project management profession.
Project management profession is the key to enterprise wide organizational transformation for the achievement of successful execution of global organizational strategies helping companies to weather economic downturns. The analyses on this study gives the information about commonness, effectiveness, and impact-per- hour efficiency of training in real-world organizations. Further the exploration is taken forward to examine the relationships between individuals and organizations.
The outcomes and methodologies of this study are being incorporated into ongoing research that focuses on improving Project management training delivery, evaluation, and planning. The outcomes of this research may result in more effective, efficient outcome that is better tailored to the unique needs of each organization.
The Future of Project Management
We are witnessing fracturing job markets that end the jobs for life. There are dramatic changes that occur in organizations and what is an advantage for today is the disadvantage for tomorrow. The future is almost unpredictable. The old practice of doing business no longer meets the market needs; companies in more developed markets are increasingly focused on project management with computer support.
Performance-based competency focuses on skillful practice: the ability of the PM to demonstrate project management ‘know-how’ when the development of this area became faster. As the life cycle for the most complex products getting shorter and shorter, it almost becomes impossible to survive in the market without some form of project management. Also, we must not forget the role played by informatics technology, which made project management much sophisticated by introducing innovations such as software for planning and running projects support.
We require Successful project management skills to combat the trend of failing Information Technology (IT) project and computer support which tends towards the development of virtual organizations, networks of companies around the world (Internet, extranet, intranet), new software and improvement of the existing software in order to make the work easier, to accelerate the development and also to achieve the competitive advantage on the market.
Over the last three years, there has been a huge growth in the number and power of microcomputer-based project management packages and in the size of the market. Our overview of this software includes material from commercial users as well as actual applications, software evaluations, and comments on future directions. It is hard not to be amazed at the growth and proliferation of project management software for microcomputers over the last three years.
Amid this period, the quantity of financially accessible bundles expanded from a base number to over greatest of 100, and intense new bundles and updates keep on being presented. These bundles at present range from a few hundred to a few a huge number of dollars in cost and offer noteworthy highlights.
Estimation of the span of the market for microcomputer-based undertaking administration programming demonstrates its boundless utilize and prevalence. Because of this development, project management administration is now the most unmistakable and broadly utilized strategy related to activities look into. Educators who have traditionally covered this subject in standard courses on project management or operations management can hardly ignore the advantages of demonstrating a well-received Project Management package.
Developments in Regional, National, and International Projects are highly significant in determining its sustainability.
Today the international economies are very sensitive towards the losses and gains, so it has become highly imperative to determine and assess the continuous effects at regional, national and international level. It is observed that companies are being influenced by the various global policies, global partners, global stakeholders, global vendors, and global customers etc. to meet the competition. In projects, it can be linked to the global supply of products, materials or global application of resources into the projects located at different sites nationally or internationally Hence from the project point of view, the project sustainability always becomes necessary to consider the level of the project i.e. whether the project is regional, national or global. All of the new-technology projects were new approaches to product solutions unfamiliar to individuals inside the firms. The new technologies were also new to the industry; none of the few products released by other industry participants using these technologies had garnered significant market share or adoption. The impact of competition on the new-technology projects was to change some of their technological features. Features were eliminated—not because of feedback from marketing, or technological studies, or comparison with competitors, but through resistance from the existing-technology groups.
Virtual teams become teams of the future, and they lead modern organizations to gain competitive advantages and to improve their operations. The Internet, Extranet and Intranet have become an integral part of each organization, and it is almost impossible to find a company which operates without using one of these forms of computer nets. As a project management computer support, software gives the organizations which use it an enormous advantage on competitive market and it enables organizations to keep race against the time and the facilitates speed up work on projects. It can be concluded that these trends of development of computer support and virtualization of project management have greatly influenced the market situation, which leads us to conclude the future trends and future development will continue in that direction.
This was the beginning of knowledge moving from the new-technology projects to the existing-technology projects in their treatise, Economics, organization, and management present a short summary of the economic analysis of property; this analysis focuses on two attributes of ownership residual control rights and residual profits. The application of this analysis helps to quickly identify issues raised by the exploitation of the public domain and environmental resources. At the level of the firm, it also helps to identify who is, in fact, its effective “owners”, beyond legal titles held by shareholders.
In the new economy, with the assistance of mechanical technology in large-scale manufacturing, a little and little bit of human exertion is a physical one. Developments are more successive and the future of capitalism is shorter. In expanding extents, human exertion is a scholarly one, for the origination of new items, of new process and of methods for changing in accordance with new circumstances. The circumstance is undifferentiated from that which was looked at by venture administration from time immemorial, particularly development ventures.
Generation conditions in the new economy suggest a more noteworthy dependence on scholarly capacities as opposed to on a perceptible physical exertion joined with a lot of gear and physical capital. With this change and different variables related as the higher rate of developments, administration rehearses, which are attending with the creation movement, for example, contracting a story foreman, or downstream, with the examination of yield, are less ready to take care of organization and inspiration issues inside creation associations. Because of the specificity of each undertaking, the approach maintained by wander organization to deal with these issues uses infers that is, from the point of view of the creation cycle to some degree upstream of the practices that have as of late been said. It enhances wander organization changed in accordance with meeting a bit of the organizational challenges that conditions of creation in the present economy raise. Increasingly particular assignments with an association of generation which is increasingly globalized require bigger and bigger measure of administration administrations. This pattern, which can be followed back to the Industrial Revolution, has turned out to be more grounded in the contemporary world. The developing prevalence of task administration can be clarified by a developing interest in administration administrations
The execution in affirmation of broad endeavors, from various many years, has been and continues being inspiring A long way from barring the private area, this execution depends on it to a vast degree; it creates the impression that with a rich civilized convention, the general population organization has possessed the capacity to configuration ahead of time runs adjusted to the intricacy of these gigantic undertakings. In this way, if greater adaptability in venture administration implies that, as its prominent space gets bigger, new practices which could be more adjusted to new conditions are looked for and, at that point, arranged, there is a purpose behind hopefulness.
Future Virtual Project Management
Future impossible to predict because now a days we are witnessing lot of dramatic changes and developments every day. Something may be advantage today for some organizations but tomorrow those may become disadvantage for the same organization.
In the middle of the century the turning point of the project management happened, as the development get faster in this area today the life cycle of the most complex product became shorter and shorter, so it is very important to have a project management to survive in the latest market.
Information technology role in project management is vital in today’s market. By introducing innovations such as software for planning and execution and support for projects which are running, which made sophisticated project management.
As the innovations and developments in today’s information technology, telecommunications create new opportunities like globalization which provides team members throughout the world work together which is so called virtual teams even though geographically separated, not located in one place.
Future development of project management and computer support in this area will go towards the development of the virtual organizations. networks of the companies all around the world will focus on improvements or enhancements to existing software’s and making advancements to make work easier, accelerate the organization project development to gain competitive advantage on the current market.
As per Bancic Glavas rapid development of information and telecommunication technologies which will opens a new world to the modern organization which is world of virtual organizations.
There are many Reasons for Many organizations now a days working towards making their organization as virtual some of them are
• Innovation process
• To share competence
• Making global organization
• Allocating mobile workers
• To minimize problems, cost with travelling
• Cost reduction
As listed above reasons taking to considerations organization striving to get their presence globally instead sticking to one or some locations, in the same way when they looking for resources/employees organizations not confining with one city or town, so there is no more regional limitations.
To be more competitive and survive in the current market organizations not sticking to traditional work hours and rules in place becoming more flexible, which will lead to productivity increase, less cost as market is developing in numerous parts of the worlds.
Now a days virtualization mostly seen in software industry, where information technology professionals working on projects to meet each other and working on projects with collaboration on joint or common projects all-round the globe allowing them to share their information or work through audio and video materials with internet medium.
There is no physical contact between current teams and individuals and future teams, and jobs are no longer performed in one office, teams working in new and easier virtual work environment with information technologies such as video conferencing, email, electron meetings etc.
Coming from the world financial emergency of the past, organizations will ask companies for a stricter, less willing to fortune and smarter control; therefore, business leaders will be on the verge of improving and extending their business using their risk management capabilities to protect the company from risks and deficiencies. In very creative fields such as advanced planning, it has hoped that risk pioneers will accept a level C position, if not, but soon
Project Management as Technology
Likewise, with most different business forms, the eventual fate of venture administration is driven by the accompanying troublesome advancements:
Cloud. Cloud-based arrangements will include more vigorous apparatuses and higher registering power that will enable line chiefs to settle on quick choices on the ground and assume greater liability to convey results faster and with fewer odds of errors. Interim, venture pioneers, can center on streamlining the task and invest less energy in control groups.
SaaS venture administration programming permits task and group pioneers to share data and work together anyplace and whenever there’s an Internet association. Constant information is shared, commented on, affirmed, altered, read, deciphered, and recorded on the spot, and so on. These highlights are given by numerous sellers currently; anticipate that the best will come soon.

Mobile. More individuals will claim cell phones and tablets, which implies more organizations are receiving bring your particular gadget (BYOD) to get to organization frameworks including venture administration programming. Utilizing worker’s close to home gadgets looks like cutting on equipment costs, yet organizations may need to pay more on additional programming items for complex security and sent to guarantee the uprightness of the undertaking plan crosswise over various stages and gadgets possessed by multiple individuals and interconnected to numerous informal communities.
It’s a double sided sword; enabling workers to get too delicate task information to make them versatile and more profitable, while uncovering private data on two fronts: the merchant’s server and representative’s close to the home gadget (telephone burglary is the main problem here). The eventual fate of undertaking administration programming will center on refined encryption, and more tightly client gets to levels.
Social. We as of now have merchants incorporating interpersonal organization modules in their venture administration programming, all the more so will take after. Social channels like LinkedIn, Twitter, Google+, and Facebook have groupware apparatuses that can without much of a stretch match the most ground-breaking venture coordinated effort arrangement. Not exclusively will extend administration programming coordinate with these stages, yet some will base on them focusing on independent companies with groups in various areas. At times, we’ll see an inversion in jobs: some product will be just sold or given free as modules to these ground-breaking social channels.
Big Data. What to do with the enormous, apparently different lump of data clients are sharing on the web? From GPS areas to individual information, political leanings to dietary inclinations, clients immerse their interpersonal organizations with information that when taken all in all can deliver business experiences and market patterns. Meanwhile, that advertising is scouring colossal information for leads and crusades, venture pioneers and partners will utilize considerable details to guarantee their objectives have adjusted to the correct patterns. Thus, either more undertaking administration programming will build up a business understanding module or a middleware add-on to incorporate into a CRM framework with a business bit of knowledge device.
Project Management as Human Resource
Past the innovation lies the undertaking pioneer, the individual in charge of its prosperity or disappointment. Not exclusively improves venture pioneers. However, it’s changing their jobs and a couple of qualities. How about we look at the fate of task administration jobs:
Democratic. The Project plan is like never before shared across its colleagues, and the coordinated effort is in a high-quality apparatus, which allows the democratization of information and access to commercial data. When the pioneer of the company has the only impact on the previous elections, the current pioneers must listen carefully to the credible thoughts and proposals that originate from the first phase: the sources of information of the pioneers of the group. Next, we will see more shared beliefs and goals among partners, managers, entrepreneurship pioneers, group pioneers, and people.
Mixed. The task pioneers (and also the pioneers of the group and the people) will have a more direct correspondence with the partners and the senior management through their open organization. Venture pioneers must apply social communication (such as irregular beats), maintaining a key mentality while speaking through random channels such as Facebook or Twitter. To put it in context, the pioneers of the company will talk again and again about golf, when they are not speaking in the war room.

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Expatriates. Globalization leads the pioneers of companies from industrialized countries to developing markets to monitor maritime activities. Risk management skills are more likely to control scope, time, cost, etc., overcoming limits, time zones, and companies, starting with EE organizations. UU. They seek more business outside the nation. There will be more job opportunities for managers of companies at risk in developing markets in particular sectors such as air transport, biotechnology, planning, and design as part of innovation exchange programs.
Specialists. Innovation in the cloud, the generosity of gifts for the sea and the inclination to work-life equality will make more supervisors expand independent consulting. These pioneers of the individualistic society will be relegated to optional mandates or concentrated, yet non-central tasks that can outsource. We can see small businesses or focus on the progress of planning that directs the burden to recruit pioneers of independent companies, in case they have not yet done so.

Conclusion
This research paper describes a study of “FUTURE DEVELOPMENT OF PROJECT MANAGEMENT”. The results of this survey indicate the history of project management and its evolutions. From there we claimed the future trend of project management and it impact on global market. There is a huge growth of project management not only in business organizations but also in various fields like financial, education and medical sectors etc. We have gone through various methodologies of the project management like Agile method waterfall method etc. and even lot of open source tools and web based applications are there for us in agile methodologies.
This study certainly indicates a bright future for researchers and the industries in general. The power to predicting future topics or knowledge based domains can provide stakeholders with strong advantages if used strategically. It can be concluded that these trends of development of project management has greatly influenced the market situation, which leads us to conclude that the future development of project management competences.

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